In this age where real wages aren’t rising due to inflation, it’s becoming increasingly important to supplement your income with side hustles. And those who are willing to do what average people won’t do are the ones that are rewarded with above average results.
The following is brought to you by Sarah Kearns, a hard working mother of three daughters. She is a Senior Communications Manager for BizDb, an online resource with information about businesses in the United Kingdom. She loves cooking, reading history books and writing about green living.
Working a full-time job doesn’t leave much time or room for much else. When your goal is to make more money, you need to think creatively about the best use of your time and resources. Despite your 9 to 5 job, you can still pull in a little side cash to stash away or reinvest. It all depends on how much effort and ambition you still have in you after a long day at work – some methods hardly require any.
1. Start trading
Many people start trading and investing in small amounts online or through trading apps. Trading does involve some risk, but if you make wise decisions, it’s vastly superior to tossing all of your money into a savings account. Growth is limited in a savings account, and trading can potentially unlock endless potential for wealth growth. Start reading industry publications and researching investment opportunities, and if you’re comfortable, make a move.
2. Monetize the inside of your house
If you have any empty spaces in your home, you can charge people money to fill up that space. The most obvious choice is taking in a tenant, but doing so requires compromise. Some people don’t like to share their home with strangers, and they may not know anyone familiar to fill the space. The alternative is renting out an extra bedroom, a garage, or a basement as community storage. Hold onto someone’s jet ski until beach season and fetch a little money every month just for keeping it safe.
3. Monetize the outside of your house
How many cars do you have? How many parking spaces do you have? If you have more parking spaces than cars, you’re in luck. People who don’t have enough spaces will gladly pay you to lease your parking spot – especially if you live near a big city or an airport. You can lease your available parking spot on a site like Parkhound and make money with your driveway.
4. Pick up a freelance gig
If you possess any skills that can be made available via the internet, you’re an ideal candidate for freelancing. Since freelancers set their own rates, their own hours, and sometimes their own deadlines, you can make extra money whenever you have an hour or two to spare. Since you’re your own boss, you’ll never need to worry about scheduling conflicts or dealing with work that doesn’t satisfy you. Some people have seen such success freelancing that it’s replaced their full-time jobs.
5. Monetize your hobby
What are you passionate about? Are you a full-time gardener, or a prolific knitter? You might be able to sell the results of your hobby if you create something tangible. Even if the money you make only offsets the cost of your hobby, that equates to more money in the bank and allows you to pursue your creative visions without being burdened by the costs.
6. Invest in something
Low maintenance tangible investments, like purchasing land, can lead to a big payout without much work. If you have enough money to purchase land in an area that’s beginning to become more developed, sooner or later you’ll start to receive offers on that land. You can charge a multiple of what you spent, and it’s much easier than purchasing and renovating properties. Land can be sat on for a while without any heavy lifting – you just need to be patient until payday comes.
7. Make internet cash
Affiliate marketing websites and popular monetized blogs have the potential to become lucrative if they amass a sizeable following. What could you blog about? What kind of products would you be great at selling? Turn an interest into a passion project that can help you succeed. All you need to do is create a simple website, regularly post valuable content, and start networking with others. It may not be profitable immediately, but with proper management and enough time, you’re likely to see some money rolling in.
There are plenty of ways to make side money, and they’re suited to different levels of commitment. See how much time you have to spare when you get off work and pick an option or two that will suit your needs.